Zuvy, a Nigerian invoice financing company has secured $4.5 million in debt and equity funding from a range of global investors. With a focus on providing invoice management software and discounting services, According to the company, it seeks to simplify the relationship between vendors and buyers, especially among small and medium-sized enterprises (SMEs). With its …
Seven commercial banks listed on the Nigerian Exchange Group paid a total of N1.39 billion to auditing firms in the first quarter of 2023. In Africa’s biggest economy, publicly listed companies are legally obliged to subject their accounts to scrutiny and audit by independent auditors such as PwC, KPMG, EY, and Deloitte, generally called “the …
The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (NSA) are silent over transfers totalling $616 million (N426 billion at today’s exchange rate) that exchanged hands between them in back-door dealings in two years. BusinessDay had exclusively reported on June 28 that the CBN transferred the amount between August 2016 …
A large amount of petrol was squandered while welcoming President Bola Tinubu from an investment summit in France, weeks after ending subsidies in a way many saw as insensitive. Some have complained that a president who charged Nigerians to bear the pain of economic reforms was flaunting in their face the sort of opulence that …
More than 10 million Nigerians have fallen into poverty in the last eight years, according to data obtained by BusinessDay. The All Progressives Congress has been in power since May 29, 2015, when Muhammadu Buhari took office after he became the first to oust an incumbent in an election. Eight years later, he handed over …
Africa has some of the world’s most significant, yet, untapped resources such as solar, hydraulic and geothermal energy. While some of these resources are scattered across the continent, most are found in huge deposits around the Northern, Southern and Eastern regions. According to comments by Makhtar Diop, Managing Director, IFC, in the recently concluded Africa …
Twitter’s controversial move to apply temporary reading limits on posts have generated mixed reactions and condemnation from social media users globally. Elon Musk, the owner of the Microblogging platform said the step was taken to address extreme levels of data scraping and system manipulation. Verified accounts were temporarily limited to reading 6,000 posts a day, …
Confusing signals emanating from electricity distribution companies (DisCos) in the country and the Nigerian Electricity Regulatory Commission (NERC) are keeping electricity consumers on edge. Many are making panic bulk energy purchases unsure of dithering noises from the regulator and the DisCos. On June 22nd, the Abuja Electricity Distribution Company (AEDC) announced that there would be …
Nigeria needs sustainable clean water solutions which eliminate carbon-intensive supply chains and environmentally harmful plastic wastes. Data from development organisations have indicated the need for the country to improve the quality of drinking water for health reasons, among others. As such, a global leader in atmospheric drinking water generating devices, Watergen recently launched in Nigeria, …
“African entrepreneurs are the ones driving the charge of putting Africa on the global map. They are extremely responsible and extremely proactive. We must prioritise them.” -Somachi Chris-Asoluka, CEO of the Tony Elumelu Foundation. The economic development of a nation is accelerated when the government steps in with well-thought-out plans, policies and interventions. More often, …